Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 485.53 ACUITE D | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 485.53 - -
 
Rating Rationale

­ACUITE has reaffirmed the long term rating of ‘ACUITE D’ (read as ACUITE D) to the Rs.485.53 Cr bank facilities of Platinum Textiles Limited (PTL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on best available information.


About the Company

­Platinum Textiles Limited (PTL) was incorporated in 1993 (Previously known as Neha Furnishing Private limited) by Mr Chirag Pittie. The company is the flagship company of Shrivallabh Pittie Group and 100 per cent subsidiary of Citron Infra Projects Limited which is a holding company of the Group. It is engaged in manufacturing and trading of cotton, polyester, blended (polyester and cotton) yarn. The company has three manufacturing units at Tamil Nadu and one unit at Rajasthan.It is a major player in the yarn industry and has installed capacity of 98000 spindles at Tamil Nadu and 50000 spindles at Rajasthan. Further, the company also used additional spindles on contractual basis. The count of yarn ranges from 20 to 80. The registered office office of the company is in Mumbai.

 
Non-cooperation by the issuer/borrower:

­­Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date.
Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.
This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

 
Limitation regarding information availability:

­The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

 
Rating Sensitivity

­"No information provided by the issuer / available for Acuite to comment upon."

 
All Covenants
­None
 
Liquidity Position

­"No information provided by the issuer / available for Acuite to comment upon."

 
Outlook
­Not Applicable
 
Other Factors affecting Rating
­Not Applicable
 

Particulars Unit FY 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 402.31 408.99
PAT Rs. Cr. (101.81) 0.87
PAT Margin (%) (25.31) 0.21
Total Debt/Tangible Net Worth Times 3.91 2.21
PBDIT/Interest Times (0.37) 1.27
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information

Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.­

 
Applicable Criteria
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on Complexity Levels of the Rated Instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
04 Jul 2022 Cash Credit Long Term 30.00 ACUITE D (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 35.25 ACUITE D (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 18.75 ACUITE D (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 11.25 ACUITE D (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 45.00 ACUITE D (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 70.00 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 20.00 ACUITE D (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 40.00 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 25.00 ACUITE D (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 39.25 ACUITE D (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 50.00 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 35.00 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 30.00 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 2.35 ACUITE D (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 20.50 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 3.18 ACUITE D (Downgraded and Issuer not co-operating*)
27 Jun 2022 Cash Credit Long Term 39.25 ACUITE BB ( Issuer not co-operating*)
Cash Credit Long Term 20.50 ACUITE BB ( Issuer not co-operating*)
Term Loan Long Term 25.00 ACUITE BB ( Issuer not co-operating*)
Cash Credit Long Term 70.00 ACUITE BB ( Issuer not co-operating*)
Cash Credit Long Term 18.75 ACUITE BB ( Issuer not co-operating*)
Term Loan Long Term 3.18 ACUITE BB ( Issuer not co-operating*)
Term Loan Long Term 50.00 ACUITE BB ( Issuer not co-operating*)
Cash Credit Long Term 11.25 ACUITE BB ( Issuer not co-operating*)
Cash Credit Long Term 30.00 ACUITE BB ( Issuer not co-operating*)
Term Loan Long Term 20.00 ACUITE BB ( Issuer not co-operating*)
Term Loan Long Term 35.00 ACUITE BB ( Issuer not co-operating*)
Term Loan Long Term 30.00 ACUITE BB ( Issuer not co-operating*)
Cash Credit Long Term 35.25 ACUITE BB ( Issuer not co-operating*)
Cash Credit Long Term 40.00 ACUITE BB ( Issuer not co-operating*)
Term Loan Long Term 2.35 ACUITE BB ( Issuer not co-operating*)
Cash Credit Long Term 45.00 ACUITE BB ( Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE BB ( Issuer not co-operating*)
30 Mar 2021 Term Loan Long Term 20.00 ACUITE BB (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 18.75 ACUITE BB (Downgraded and Issuer not co-operating*)
Term Loan Long Term 30.00 ACUITE BB (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 30.00 ACUITE BB (Downgraded and Issuer not co-operating*)
Term Loan Long Term 25.00 ACUITE BB (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 45.00 ACUITE BB (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 11.25 ACUITE BB (Downgraded and Issuer not co-operating*)
Term Loan Long Term 35.00 ACUITE BB (Downgraded and Issuer not co-operating*)
Term Loan Long Term 3.18 ACUITE BB (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 39.25 ACUITE BB (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 35.25 ACUITE BB (Downgraded and Issuer not co-operating*)
Term Loan Long Term 2.35 ACUITE BB (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE BB (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 70.00 ACUITE BB (Downgraded and Issuer not co-operating*)
Term Loan Long Term 50.00 ACUITE BB (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 20.50 ACUITE BB (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 40.00 ACUITE BB (Downgraded and Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Bank of Maharashtra Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 35.25 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Indian Overseas Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 70.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Karur Vysya Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 39.25 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Central Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 45.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Tamilnad Mercantile Bank Limited Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 20.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 40.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Canara Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 30.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 18.75 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 11.25 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Indian Overseas Bank Not Applicable Term Loan Not available Not available Not available 2.35 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Karur Vysya Bank Not Applicable Term Loan Not available Not available Not available 3.18 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not Applicable Term Loan Not available Not available Not available 50.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not Applicable Term Loan Not available Not available Not available 35.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not Applicable Term Loan Not available Not available Not available 30.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Tamilnad Mercantile Bank Limited Not Applicable Term Loan Not available Not available Not available 25.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Bank of Maharashtra Not Applicable Term Loan Not available Not available Not available 20.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
­

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